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TrizecHahn Converting to US REIT

CHICAGO-The board of directors of the Toronto-based real estate company that counts Sears Tower among its US properties approves a conversion from a Canadian corporation to US REIT. Other necessary approvals are expected.

By Mark Ruda | Updated on September 25, 2001

CHICAGO-While some US REITs lament that their share prices fail to represent full value, TrizecHahn Corp. executives and directors believe the company will be better off joining them. Now a Canadian corporation, TrizecHahn hopes to have shareholder and court approval in time to become a REIT traded on the New York Stock Exchange by the end of March.

US REIT managers who think their shares are the Rodney Dangerfields of the equities market may want to commiserate with TrizecHahn counterparts on being a Canadian real estate company, especially one with a growing presence in top US Central Business District markets. TrizecHahn’s 48.9 million sf is concentrated heavily in New York; Chicago; Washington, DC; Houston, Atlanta, Los Angeles and Dallas.

“The status quo, the way things have been, really did not allow us to get the full benefits of our performance or for the quality of our assets into the hands of our shareholders,” says Chairman Peter Munk. “It was very frustrating to go through a period of two years and deliver the values we were able to deliver in a corporate environment.”

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